Why Use This Mortgage Payment Calculator
A mortgage is one of the largest financial commitments you’ll ever make. This mortgage payment calculator helps you:
- 💰 Estimate Your Monthly Payment — see exactly what you’ll pay each month.
- 📊 Understand the Full Cost — know how much interest you’ll pay over the life of the loan.
- 📈 Track Your Equity — see your amortization schedule and loan balance over time.
- 🔁 Compare Scenarios — adjust inputs to see how they affect your payment.
- 📜 Track Your History — save, review, and export past calculations to CSV or Excel.
- 🔒 100% Private — all calculations run locally; your data never leaves your browser.
Mortgage Formula Used by This Tool
We use the standard mortgage payment formula:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
Where:
- P = Loan Amount (Home Price − Down Payment)
- r = Monthly Interest Rate (Annual Rate ÷ 12)
- n = Number of Monthly Payments (Loan Term × 12)
Total Payment = Monthly Payment × n Total Interest = Total Payment − Loan Amount
Taxes and Insurance are added to the monthly payment using the rates you provide. PMI is added when the down payment is less than 20%.
How to Use This Mortgage Payment Calculator
- Select your account currency from the picker in the site header.
- Enter the home price (total purchase price).
- Enter your down payment (amount you’re paying upfront).
- Choose your loan term (e.g., 30 years).
- Enter the annual interest rate offered by your lender.
- Enter the annual property tax rate (typical: 1-2%).
- Enter the annual home insurance rate (typical: 0.3-0.8%).
- Enter the PMI rate (0% if down payment ≥ 20%).
- The tool updates instantly — see your monthly payment, total payment, total interest, and amortization schedule.
Frequently Asked Questions
How does the mortgage calculator work?
It calculates your monthly mortgage payment based on the loan amount, interest rate, loan term, property taxes, insurance, and PMI. The payment is then broken down into principal, interest, taxes, insurance, and PMI.
What is PMI and when do I pay it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender if you default. You can request cancellation once your equity reaches 20%.
What is the formula used for mortgage calculations?
We use the standard mortgage payment formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
What is a good down payment?
A 20% down payment is ideal because it avoids PMI, reduces your monthly payment, and lowers the total interest paid. However, many programs allow down payments as low as 3-5%.
Is my data stored anywhere?
No. All calculations run locally in your browser. History and presets are saved in your browser’s localStorage — nothing is sent to a server.